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Tiffany beats Q2 earnings estimates, maintains FY'19 outlook

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Tiffany beats Q2 earnings estimates, maintains FY'19 outlook

Tiffany & Co. on Aug. 28 reported second quarter earnings that exceeded analysts' expectations and maintained its outlook for fiscal 2019.

The retailer reported that diluted EPS for the quarter ended July 31 fell to $1.12 from $1.17 in the year-ago quarter but beat the mean consensus estimate for normalized EPS of $1.04, according to data compiled by S&P Global Market Intelligence.

Net earnings fell 6% to $136.3 million from $144.7 million in the year-earlier quarter. On a reported basis, worldwide net sales dropped 3% to $1.05 billion from $1.08 billion, while comparable sales fell 4%.

For the first half of fiscal 2019, net earnings fell 9% to $261.5 million from $287.0 million in the year-ago period, while net earnings per diluted share came in at $2.15, compared to the $2.31 reported in the first half of the prior year. On a reported basis, worldwide net sales in the first half of the year fell 3% to $2.05 billion from $2.11 billion, while comparable sales fell 4%.

"With the tough comparison to last year's strong performance in the first half behind us, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, we are actively managing what is in our control and positioning our brand to win — accelerating new product introductions and keeping a visible profile," CEO Alessandro Bogliolo said in a statement.

Tiffany & Co. reaffirmed its outlook for fiscal 2019. The retailer continues to expect net earnings per diluted share to grow by a low- to mid-single-digit percentage, while worldwide net sales are expected to grow by a low-single-digit percentage from the previous year.

In premarket trading, Tiffany & Co.'s shares were up 2.9% at $85.05.